Nicolas Cary, Co-Founder & President, Blockchain
Nicolas Cary is a serial entrepreneur and lifelong technologist. He attributes much of his insight to his personal journeys around the world.
3 Ways to Pay Off Your Credit Card Debt

Credit card debt repayment is never an easy undertaking. This is true, especially if you have under engagements to undertake. But that shouldn’t be an issue if you have a proper plan. Below are three ways you could use it to pay off your credit card debt.
1. Settle the most expensive debt first.
Debts come at a cost. The most enormous amounts that take the longest to settle tend to attract the highest quantities of interest. That means you’ll have to pay more for the same loan amount. This should not be the case if you want to live a financially sober life.
You reduce the burden of accruing interests and potentially higher penalties if you default payment by first paying the most elevated amount.
Our mentality also matters when settling loans. The truth is, it’s easier to get the motivation to pay loans when you have lesser outstanding amounts. However, millennials must understand that the reverse is true. The more you owe a lender, the less motivated you are.
When the motivation is not there, the chances of defaulting are higher. We’re programmed to easily give up when we lose the motivation to do something. This is the risk you bare if you let the bigger loans stay on your to-do list.
Once the most considerable burden is sorted out, the smaller ones can be quickly dealt with. With time, you’ll realize the amounts left for you to clear are manageable.
2. Debt consolidation
There’s no need to have multiple debts. It’s easy to lose track of some, which may mean defaulting the loans. The best thing to do is consolidate these loans and have one bigger one that will occupy your mind.
At least that will let you focus, and you’ll be able to track progress. The amount will be cleared with time, and you’ll have the freedom to spend again.
When you have several loans, and each is accumulating interests at different rates, that can be risky. Lenders sometimes take advantage of borrowers. They’ll waste no time and hit potential clients with unnecessary penalties for non-existent things.
You can avoid such. Consolidating your loans will protect you from such lenders that want to take advantage. That’s why you should also weigh your options before making a decision.
3. Opt the cash way
If you cannot control how you use your credit card, please use cash. The problem with using credit cards is you lose your limits. It gives you the urge to keep spending your money without thinking twice. Sometimes, you spend money that you don’t have.
With cash, you cannot spend what you don’t have. That gives you the discipline to stop spending when you don’t have money. That works well to help you repay your loan. How so?
This is the trick; most people find themselves in bigger loans for spending more even when they understand they have other loans. So what this does is get them more loans.
When you use cash, the urge to spend money that you don’t have significantly reduces. In fact, it diminishes entirely and keeps you off from going for other loans.
Cash also saves you from unnecessary charges. In essence, you limit your expenses and only live within your means. This is a basic model that will lay off financial pressure from you.
Not only will you have extra amounts to reduce your loans but also reduce loans you owe lenders. So with that, you’ll find yourself in a better financial position.
Payment of loans is an important thing. You get a better credit score as well as peace. You get extra income to do projects that will change your life forever with time.